The Central Board of Direct Taxes, via a notification, reduced the time limit for ITR verification from 120 days earlier to 30 days. The new law is effective from August 1, 2022, and will be applicable to all the ITRs filed on or after August 1, 2022. However, missing the 30-day ITR-filing deadline can cost you Rs 5000. Here's why.

Finance Minister Nirmala Sitharaman, in her Budget 2022 speech announced that the Reserve Bank of India (RBI) will be launching Central Bank Digital Currency or CBDC. The RBI is yet to come out with a framework for digital currency. Read on to know how Digital currency is likely to change the way you make transactions and digital payments.

As a return filed without verification is considered invalid, it will amount to the return not being filed, and the consequences of delay in filing a return may become applicable.

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As per the announcement made in Budget 2020, if an employer's total contribution to the EPF, NPS and superannuation fund exceeds Rs 7.5 lakh in an FY, then the excess contribution will be taxable to an employee. Further, any interest, dividend etc. earned on the excess contribution is also taxable. This income tax rule is effective from April 1, 2020, onwards.

The income tax department is sending emails to the individual taxpayers asking them to confirm that the claims made in their ITR are correct. Such emails are sent if an individual has an income tax refund due to them. An individual is required to send a confirmation by submitting a response on the new e-filing income tax portal.